Vicarious Surgical Inc.

My name is Kate, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. We will be facilitating a question and answer session towards the end of today's call. As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Kate Lambrosco with Vicarious Surgical for a few introductory comments.

Thanks, Kate, and thank you all for participating in today's call. Earlier today, Vicarious Surgical released financial results for the three months ended September 30, 2023. A copy of the press release is available on the company's website. Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of the federal security laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results, or performance are forward-looking statements. All forward-looking statements, including without limitation, those relating to obtaining approval for the vicarious surgical system and timing for any such approval, our operating trends and future financial performance, expense management, market opportunity, and commercialization are based upon our current estimates and various assumptions. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements. For a list and description of the risks and uncertainties associated with our business, please refer to the risk factors set forth in our Securities and Exchange Commission filings, including our most recent Form 10-K and Form 10-Q. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, November 13th, 2023. Vicarious Surgical disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. With that, I'll now turn the call over to Adam Sachs, Chief Executive Officer.

Thanks, Kate. Thank you, everyone, for joining us. The third quarter brought several successes for our business, but also introduced new challenges. Our successes included the announcement of our fourth hospital system partnership with Intermountain Health, as well as completing a $47 million equity follow-on offering that significantly bolstered our balance sheet and meaningfully extended our cash runway. Further, we were pleased with the significant progress made within the individual V1.0 subsystem builds, currently our surgeon console, patient cart, robotic instruments, and camera components are all built and functioning as subsystems. Conversely, we also experienced some setbacks. Challenging market conditions and the resulting pressure on our business drove us to make the difficult decision to once again downsize our team and reduce future plan spending in order to prioritize capital efficiency and better ensure our long-term success. Additionally, As we entered the initial system integration process, we identified certain software and hardware components of the V1.0 system that will require additional development efforts in order to ensure system compliance, reliability, and safety ahead of formal verification and validation testing. With the impact of the cost-cutting initiative combined with some integration challenges, we predicted 12 to 18 months delay in the overall program. We believe this will ultimately push the completion of the V1.0 build and integration to fall of 2024 and our de novo submission to early to mid-2026. Developing a surgical robot is complex and capital intensive. It involves building multiple medical devices and integrating them as one to perform precise procedures safely and reliably. But we always have this and remain committed to delivering the best product possible for surgeons and hospitals. We understand the importance of this announcement and will continue to provide updates as we progress through the integration process and address existing software and hardware challenges. we have a powerfully differentiated technology and a unique opportunity to revolutionize robotic surgery. Over the recent months, we've had the opportunity to attend medical meetings, such as the American Hernia Society, as well as our internal hospital partner summit. Throughout these engagements, one common theme emerged. Surgeons and hospitals are hungry for a new, truly differentiated surgical platform. And even more importantly, there is strong excitement around the unique vicarious surgical offering. Despite our recent challenges, I continue to be enthusiastic about our mission and our potential to improve patient lives. With that, I will now turn the call over to Bill Kelly to review our financial performance.